"Personally, I find smart watches interesting because designers will have to deal with a constrained user experience and IO. Let's see what comes out of it.

I think there is a market for smart watches but not for small smartphones on your wrist. Here is what I think it should do:
- Normal battery that runs for 3 years
- No larger than a tricked out sports watch
- Sub 200 dollar
- Waterproof of course
- Synchronize clock
How they could do it: e-ink display, blue-tooth low power
What it could do: weather, small messages, programmable beeps for specialized alerts

It should just connect to your smartphone and get its information from it. "

Agreed. I've been happy with Timex watches that just do date, time, day of the week, stopwatch, alarm, and indiglo since some time in the mists of my childhood.

My third and most recent one (the first broke its watchband mounts and I wore out one of the buttons on the second) added a countdown timer and I get TONS of use out of that.

I don't own a smartphone but, if you substitute "Linux PC" to cover my desktop and my OpenPandora, my ideal smart watch would be something similar but with the following features over and above the ones you listed:

- Ditch the three alarms and let me have more than one countdown timer preset instead. (I currently just leave mine on 15 minutes and "flip the hourglass" however many times I need in order to time something)

- Some method to sync with an atomic clock via my PC so I don't have to think about things like daylight savings time, leap years, leap seconds, and clock drift. (Without sacrificing the ±15 seconds per month accuracy of my current watch on the assumption that it'll always have a smartphone nearby.)

- Some Thunderbird+Lightning-compatible way for my watch to keep a second alarm which automatically syncs with the "remind me when..." time for whatever the most recent alarmed TODO is in my daily planner.

"- Some method to sync with an atomic clock via my PC so I don't have to think about things like daylight savings time, leap years, leap seconds, and clock drift. (Without sacrificing the ±15 seconds per month accuracy of my current watch on the assumption that it'll always have a smartphone nearby.)
"

They actually have watches that sync by atomic clock with no need for the PC. They are a bit hard to find in stores though. No reason they could not just implement that in these smart watches.